Binance Coin Price Analysis: BNB spikes to $415, set to retrace today?

TL;DR Breakdown

• Binance Coin price analysis is bullish today.
• BNB/USD saw another selloff yesterday.
• Support was found at $415. 

Binance Coin price analysis is bullish today as we expect retracement to follow after another strong spike lower yesterday. Likely, BNB/USD will look to retest previous support levels as resistance, with the closest one being at $440.

The market overall has seen bearish momentum return over the last 24 hours. The market leader, Bitcoin, trades relatively flat, with a small loss of 0.16 percent, while Ethereum has declined by 2.93 percent. Binance Coin (BNB) is among the worst performers, with a 4.8 percent loss.

Binance Coin price movement in the last 24 hours: Binance Coin retests $460 as resistance, drops another 10 percent

BNB/USD traded in a range of $419.20 – $456.93, indicating large volatility over the last 24 hours. Trading volume has increased by 10.06 percent, totaling $4.06 billion, while the total market cap trades around $72 billion, ranking the coin in 4th place overall.

BNB/USD 4-hour chart: BNB set to retest $440 as resistance?

On the 4-hour chart, we can see the Binance Coin recovering so far today as it approaches previous support at $440.

Binance Coin has seen very bearish price action this week. After some consolidation above $506 previous low support, the market broke lower on the 5th of January.

A quick loss of 10 percent took the market to the $460 mark, where some reaction was seen. However, bears quickly gathered to break even further lows, with the $440 mark tested next.

Yesterday, another quick spike of 10 percent led the Binance Coin price to $415, meaning a total loss of 22 percent since the yearly high of around $533. Therefore, bears are likely finally exhausted, and we expect retracement to follow.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish today as we expect the market to retrace some of the losses seen yesterday. BNB/USD likely will retest the previous support at $440 as resistance next.

While waiting for Binance Coin to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.